$KTA (-0,67%)

$KTA (-0,67%) | This morning, the business premises of Knaus

Tabbert AG due to a public prosecutor's investigation against individual

against individual members of the company's management in connection with

individual allegations of criminally relevant acts at the expense of the company.

company. The company itself is not the subject of the allegations.

Analyst updates, 19.11.

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- JEFFERIES raises the price target for NETFLIX from USD 800 to USD 1000. Buy. $NFLX (-1,73%)

- DEUTSCHE BANK RESEARCH raises the price target for SIEMENS from EUR 200 to EUR 210. Buy. $SIE (-0,45%)

- DZ BANK raises the price target for WALT DISNEY from USD 115 to USD 130. Buy. $DIS (-1,33%)

- KEPLER CHEUVREUX raises the target price for ALZCHEM from EUR 69 to EUR 73. Buy. $ACT (-0,43%)

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- BOFA downgrades SIEMENS from Buy to Neutral and raises target price from EUR 196 to EUR 200. $SIE (-0,45%)

- BERENBERG lowers the price target for BAYER from EUR 28 to EUR 22. Hold. $BAYN (+1,43%)

- BERENBERG lowers the price target for SMA SOLAR from EUR 21 to EUR 14. Hold. $S92 (-2,27%)

- DZ BANK downgrades SHOPIFY from Hold to Sell and raises target price from USD 68 to USD 91. $SHOP (-5,86%)

- STIFEL lowers the price target for BECHTLE from EUR 50 to EUR 45. Buy. $BC8 (-0,42%)

- WARBURG RESEARCH lowers the price target for JUNGHEINRICH from EUR 49 to EUR 47. Buy. $JUN3 (-0,22%)

- HAUCK AUFHÄUSER IB lowers the target price for KNAUS TABBERT from EUR 16 to EUR 8. Sell. $KTA (-0,67%)

- DEUTSCHE BANK RESEARCH lowers the price target for JOST WERKE from EUR 70 to EUR 60. Buy. $JST (-0,1%)

- GOLDMAN lowers the price target for TEAMVIEWER from EUR 18 to EUR 17. Buy. $TMV (+1,21%)

Analyst updates, 18.11.

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- MORGAN STANLEY raises the price target for SIEMENS from EUR 212 to EUR 220. Overweight. $SIE (-0,45%)

- HSBC raises the target price for RHEINMETALL from EUR 660 to EUR 700. Buy. $RHM (-1,89%)

- HSBC raises the target price for DEUTSCHE TELEKOM from EUR 33.50 to EUR 34. Buy. $DTE (+0,67%)

- DEUTSCHE BANK RESEARCH raises the price target for ALLIANZ SE from EUR 275 to EUR 310. Buy. $ALV (-0,14%)

- DEUTSCHE BANK RESEARCH raises the price target for SIEMENS ENERGY from EUR 52 to EUR 57. Buy. $ENR (-4,27%)

- UBS upgrades AIR PRODUCTS & CHEMICALS from Neutral to Buy and raises target price from USD 338 to USD 375. $APD (-1%)

- ODDO BHF raises the price target for SWISS RE from CHF 127 to CHF 138. Outperform. $SREN (-0,09%)

- BARCLAYS raises the price target for MUNICH RE from EUR 523 to EUR 551. Overweight. $MUV2 (-0,6%)

- BARCLAYS raises the target price for HANNOVER RÜCK from EUR 206 to EUR 217. Underweight. $HNR1 (-0,02%)

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- MORGAN STANLEY lowers the target price for BAYER from EUR 35 to EUR 30. Equal-Weight. $BAYN (+1,43%)

- KEPLER CHEUVREUX lowers the target price for SIEMENS HEALTHINEERS from EUR 60.50 to EUR 59. Buy. $SHL (+0,45%)

- KEPLER CHEUVREUX downgrades KNAUS TABBERT to Hold. Target price EUR 15. $KTA (-0,67%)

- DEUTSCHE BANK RESEARCH lowers the price target for SGL CARBON from EUR 10.60 to EUR 9. Buy. $SGL (+0,73%)

- DEUTSCHE BANK RESEARCH lowers the price target for PVA TEPLA from EUR 18 to EUR 14.50. Hold. $TPE (+0,71%)

- DEUTSCHE BANK RESEARCH lowers the price target for KERING from EUR 340 to EUR 320. Buy. $KER (+1,01%)

- ODDO BHF downgrades BECHTLE to Neutral. Target price 37 EUR. $BC8 (-0,42%)

- BARCLAYS lowers the price target for UNITED INTERNET from EUR 27 to EUR 23. Equal-Weight. $UTDI (+0,66%)

- BARCLAYS lowers the price target for 1&1 from EUR 19 to EUR 17. Equal-Weight. $1U1 (+1,37%)

- BERENBERG lowers the target price for AIR LIQUIDE from EUR 195 to EUR 190. Buy. $AI (+4,21%)

- HSBC downgrades PORSCHE SE from Hold to Reduce and lowers target price from EUR 36 to EUR 26. $PAH3 (+0,48%)

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- UBS raises its price target for NVIDIA from USD 150 to USD 185. Buy. $NVDA (-3,63%)

- METZLER raises the price target for MUNICH RE from EUR 535 to EUR 543. Buy. $MUV2 (-0,6%)

- GOLDMAN lowers the target price for NOVO NORDISK from DKK 1040 to DKK 1025. Buy. $NOVO B (+5,32%)

- GOLDMAN upgrades MTU from Neutral to Buy and raises target price from EUR 276 to EUR 400. $MTX (-3,41%)

- GOLDMAN upgrades BASF from Neutral to Buy and raises target price from EUR 45 to EUR 53. $BAS (+1,69%)

- DEUTSCHE BANK RESEARCH raises the price target for FRESENIUS SE from EUR 42 to EUR 44. Buy. $FRE (+0,18%)

- DEUTSCHE BANK RESEARCH raises the price target for EMBRACER from SEK 24 to SEK 28. Hold. $TH9A

- DEUTSCHE BANK RESEARCH raises the price target for AMADEUS IT from EUR 62 to EUR 65. Hold. $AMS (-1,33%)

- DEUTSCHE BANK RESEARCH raises the price target for NEMETSCHEK from EUR 85 to EUR 100. Hold. $NEM (-0,34%)

- WARBURG RESEARCH raises the price target for DÜRR from EUR 32 to EUR 33. Buy. $DURYY (+0%)

- HAUCK AUFHÄUSER IB upgrades CANCOM from Hold to Buy. Target price EUR 32. $COK (+0,4%)

- ODDO BHF upgrades GENERALI to Neutral. Target price EUR 26.10. $G (-1,43%)

- METZLER raises the price target for HEIDELBERG MATERIALS from EUR 131 to EUR 138. Buy. $HEI (+0,51%)

- BERENBERG raises the price target for FLATEXDEGIRO from EUR 16 to EUR 18. Buy. $FTK (+1,48%)

- BERENBERG raises the price target for FREENET from EUR 29 to EUR 32. Buy. $FNTN (+0,91%)

- JPMORGAN raises the target price for HEIDELBERG MATERIALS from EUR 108 to EUR 149. Overweight. $HEI (+0,51%)

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- UBS lowers the price target for MUNICH RE from EUR 560 to EUR 540. Buy. $MUV2 (-0,6%)

- ODDO BHF downgrades MODERNA to Outperform. Target price USD 86. $MRNA (+6,04%)

- UBS downgrades VALE from Buy to Neutral and lowers target price from USD 14 to USD 11.50. $VALE (-0,31%)

- DZ BANK lowers target price for DEUTZ from EUR 6.80 to EUR 5.80. Buy. $DEZ (-0,91%)

- DZ BANK lowers the price target for BECHTLE from EUR 51 to EUR 45. Buy. $BC8 (-0,42%)

- BERENBERG lowers the target price for ESTEE LAUDER from USD 87 to USD 76. Hold. $EL (+1,18%)

- RBC lowers the target price for ASOS from GBP 4.60 to GBP 4. Sector Perform. $ASC (-0,65%)

- RBC lowers the price target for EVOTEC from EUR 12 to EUR 11.60. Outperform. $EVT (-0,94%)

- RBC lowers the price target for VESTAS from DKK 222 to DKK 156. Outperform. $VWS (-1,47%)

- BERENBERG lowers the price target for SUSS MICROTEC from EUR 80 to EUR 75. Buy. $SMHN (-1,71%)

- JEFFERIES downgrades NEL from Hold to Underperform and lowers target price from NOK 5.50 to NOK 3. $NEL (-3,27%)

- RBC lowers the price target for BMW from EUR 81 to EUR 80. Sector Perform. $BMW (-0,12%)

- JEFFERIES lowers the price target for KNAUS TABBERT from EUR 26 to EUR 20. Hold. $KTA (-0,67%)

The $KTA (-0,67%) AG successfully closed the 2023 financial year with an increase in consolidated sales of 37.3% to EUR 1,441 million. The company's adjusted EBITDA rose by 76.4% to 123.8 million euros. Knaus Tabbert is proposing a significant increase in the dividend to 2.90 euros per share. For 2024, the company expects stable development at a high level. The strong growth was largely driven by the high availability of chassis and the multi-brand strategy. The Group generated sales of EUR 1,274.3 million in the premium segment and EUR 166.8 million in the luxury segment. The Knaus Tabbert share price was EUR 40.08 at the time of publication of the news and has not changed compared to the previous day. 24 minutes after the article was published, the price stood at EUR 40.28, which corresponds to an increase of +0.50% since publication.

Knaus Tabbert $KTA (-0,67%) Ends the 2023 financial year with the strongest sales growth in the company's history

• Turnover increases by 37% to 1.44 billion euros (previous year: 1.050 billion euros)
• Over 30,000 vehicles sold
• 18,584 motorhomes (previous year: 11,426)
• 12,029 caravans (previous year 18,130)
• Forecast adjusted EBITDA margin approx. 8.5 - 9%

Consolidated financial statements for 2023 including the forecast for the 2024 financial year will be published on March 28, 2024

Current development in Q3 of $KTA (-0,67%)

• Group sales up 54.7% to EUR 1,073.5 million in first nine months of 2023
• Order backlog of EUR 1.2 billion.
• Adjusted EBITDA for the first nine months of 2023 developed disproportionately to sales growth with an increase of 187.8% to EUR 88.6 million (previous year: EUR 30.8 million)
• Expected sales for fiscal year 2023: EUR 1.35 billion - EUR 1.45 billion (previous year: EUR 1.05 billion)

As every Sunday, the most important news and dates of the coming week. Either as text or the dates of the coming week as video: https://youtube.com/shorts/JEoKwvPYoGQ?feature=share

Monday:

New CEO Blume plans to restructure the $VOW3 (+1,32%) Group. The focus of the restructuring will be on the volume brands Skoda, VW and Seat as well as the subsidiary Audi. Development work is to be consolidated more closely in order to leverage synergies. At the same time, production is to be better utilized. This means that Skodas could also be produced at VW's main plant. Savings are also to be made in purchasing, which is likely to put further pressure on suppliers. In addition, fewer models are to be offered overall. The aim is to achieve savings of around EUR 5 billion and use the money to reposition the company in the important markets of China and North America.

https://goldesel.de/Artikel/volkswagen-vor-konzernumbau

Direct investments in #china 🇨🇳 increased again in May compared with a year earlier. By 2.2% to around EUR 70 billion.

https://tradingeconomics.com/china/foreign-direct-investment

Tuesday:

The #inflation in Germany 🇩🇪 declines by 0.2% in May compared with the previous month. This had been expected. On an annual basis, the HICP (EU-wide comparable) falls to 6.3%, which was also in line with expectations.

dpa-AFX ProFeed

Inflation day, consumer prices from the U.S. 🇺🇸 looked like this: Inflation drops to just 4.0%. Analysts had expected 4.1%.

https://www.handelsblatt.com/finanzen/geldpolitik/geldpolitik-us-inflationsrate-sinkt-auf-4-0-prozent/29202058.html

Wednesday:

$SHEL (-1,69%) Raises dividend by 15%, buys back shares for $5 billion (if approved), and invests more in low-emissions business. What is clear is that profits are unlikely to be as high as last year for a while.

https://goldesel.de/Artikel/hier-gibt-es-eine-deutlich-hoehere-dividende

The U.S. Federal Reserve 🇺🇸 is leaving the #leitzins unchanged at 5.00 - 5.25%. However, the key interest rate projections were increased. In an initial reaction, this did not go down well on the stock market.

dpa-AFX ProFeed

Thursday:

For the first time in two years, producer prices in agriculture are falling again. In particular, grain and fruit is significantly cheaper than a year ago. Overall, producer prices for agricultural products fell by 6.5%. Food prices could therefore soon fall again, or rise less sharply. However, the dam blowing up in Ukraine could cause the price of grain to rise again in the medium term.

https://app.handelsblatt.com/politik/konjunktur/inflation-erzeugerpreise-in-der-landwirtschaft-sinken-erstmals-seit-zwei-jahren/29207332.html

The #ezb has raised the key interest rate again, to four percent now. So there are no real surprises. Lagarde also emphasizes that there are currently no plans for an interest rate pause like at the Fed. The ECB's inflation expectations have been raised. Which makes further interest rate steps more likely.

https://app.handelsblatt.com/finanzen/geldpolitik-ezb-hebt-die-zinsen-erneut-an/29207708.html

Friday:

At the Capital Markets Day presented $KTA (-0,67%) remarkable growth expectations. The Group aims to double sales to around EUR 2 billion by 2027. Annual growth is expected to be 16 - 18 %. At the same time, the EBITDA margin is to rise to over 10% through economies of scale, and the focus is on cash flow. Knaus Tabbert is not a classic growth stock, but also pays a handsome dividend. In the future, 50% of the surpluses according to IFRS (international accounting standards) are to flow into this.

https://goldesel.de/Artikel/16-18-wachstum-jedes-jahr

Building permits in Germany continue to slump. This should come as less of a surprise, as interest rates have risen further as a result of the central bank's increases. Permits for single-family houses slumped 33.5% year-on-year to 18,300, while those for two-family houses fell 52.1% to 5,300. There was also a 27.1% decline in apartments to 48,200. This will probably create a gap of 700,000 housing units for 1.4 million people looking for a home by 2025. Profiteers are likely to be real estate groups such as Vonovia, where we recently bought a position. In our view, Vonovia is profiting from this development, but not causing it. Do you see it the same way?

https://www.handelsblatt.com/finanzen/immobilien/immobilien-baugenehmigungen-fuer-wohnungen-brechen-im-april-um-fast-ein-drittel-ein/29210132.html

The most important dates for the coming week:

Monday: 12:00 Monthly Report Bundesbank (DE)

Tuesday: 3:15 Interest rate decision (China)

Wednesday: 8:00 Inflation data (UK)

Thursday: 9:30 Interest rate decision (Switzerland)

Friday: 9:30 Purchasing Managers' Index (DE)